We all want to save on motorcycle insurance, but insurance is not like most of the products you buy. Talking about “expensive insurance” or “cheap insurance” is to simplify, since there are many factors that determine the final price of insurance, including the policyholder himself. Your experience and characteristics as a driver determine the price of your insurance, or, in other words, you are the one who sets the price.
There are many tricks, more or less legal, that some use to save on motorcycle insurance, although they are not usually as effective as you might think.
Put the child’s insurance in the father’s name
The young and novice drivers pay more for insurance than experienced. It is common for the father to take out insurance for his son to drive, and thus pay less. In principle, it seems like a good idea, but it is ” bread for today and hunger for tomorrow .”
It is important for the young driver to generate, year after year, a good record as a driver, since this way the price of insurance will go down over time. When the time comes to buy a bigger motorcycle or switch to a car, you will also benefit from discounts and bonuses.
If the father is “carrying” the child’s insurance, it will take longer to develop that history, so, ultimately, it will be counterproductive for the kid to save on motorcycle insurance.
Getting creative when it comes to indicating the characteristics of the motorcycle or your history when you take out insurance is a Bad Idea.
In the best of cases, insurance companies will verify your true data before hiring.
In the worst case, if there is a loss, your inventions will come to light, which translates into problems for your pocket or even with the law. The company will not contract with you again for a long time, and if it does again, it will be at a higher price.
Some companies know that many bikers do not use their motorcycle as much in winter as in good weather, and that is why they offer a reduction in the quota in those “hibernation” months. Before hiring, it is advisable to inquire about whether the company with which you want to contract offers this possibility or any other type of promotions or discounts. This can be a good way to save on motorcycle insurance.
Expensive insurance? Split the payment
The insurances are contracted by annuities, that is to say, firms to arrange the insurance during a year. The payment, generally, is also made annually, but some companies offer the facility of being able to make this payment in installments. The characteristics of this division will depend on each company and even the type of insurance you have.
The most normal thing is that the fractioning is semester, quarterly or quarterly, and depends a lot on the price of the insurance. There is a minimum price from which fractioning is allowed, and each company sets that minimum.
Generally, when you ask for installment payment, the annual price of the insurance increases slightly, between 4% and 2%. The receipt will be generated automatically.
Remember that splitting the payment does not mean that you have “temporary” insurance. Even if you are paying fractionally, the insurance is still annual and you have to pay all that year.
In any case, before hiring, do not forget to find out if the company allows you this type of payment. It may be more comfortable for your pocket.